Timken sells needle roller bearings business to JTEKT

The Timken Company, a provider of friction management and power transmission products and services, has completed the sale of its needle roller bearings business to JTEKT, a Japanese manufacturer of steering systems and driveline components.

Timken has received approximately $330 million, including retained receivables, from the sale. These proceeds will reportedly be used for general company purposes.

The needle roller bearings business, which is a part of Timken's acquisition of Torrington in 2003, manufactures needle roller bearings for automotive and industrial applications.

James Griffith, president and CEO of Timken, said: "The completion of this deal is a win for everyone involved. The needle roller bearings business' new owner is committed to the automotive industry, which provides new opportunity to customers and the talented associates who are transferring with the deal."

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